The opinions of the Independent Financial Advisor on the connected transaction (For the purpose of translation only) 0 The opinions of the Independent Financial Advisor on the connected transaction by Thai Wacoal Public Company Limited Presented to Shareholders of Thai Wacoal Public Company Limited Prepared by 8 March 2019 This English report of the Independent Financial Advisor’s Opinions has been prepared solely for the convenience of foreign shareholders of Thai Wacoal Public Company Limited...

Thailand (EGAT) per EGAT’s dispatch instruction causing the lower revenue in the Energy Payment (EP). However, the revenue from the Availability Payment (AP) increased because of the incline in the Weight

million or 7%. The increase was caused by the incline in natural gas consumption volume used in producing electricity and steam, as well as the price of natural gas. Q3/2017 VS Q3/2016 (YoY) • When

29 million or 44%. The increase was caused by the incline in natural gas consumption volume used in producing electricity and steam, as well as the price of natural gas. Q4/2017 VS Q4/2016 (YoY) • When

.  Fuel Oil and Dubai crack spread (FO/DB) in Q2/2019 averaged at -2. 34 $/BBL, an incline adjustment of 2.11 $/BBL compared to Q2/2018. Supported by the lowering production of the OPEC members and partners